- Newly formed joint venture eGT New Energy Automotive Co., Ltd. expected to support zero-emission mobility, a key priority for both Dongfeng Motor Group Co., Ltd. and the Renault-Nissan Alliance

- Company will focus on the core competencies of each partner to deliver competitive electric vehicles for the Chinese market

The Renault-Nissan Alliance and Dongfeng Motor Group Co., Ltd. (Dongfeng) announced a new joint venture to co-develop and sell electric vehicles (EV) in China.

(Logo: http://photos.prnewswire.com/prnh/20140130/666713-a )

The new joint venture, eGT New Energy Automotive Co., Ltd. (eGT), will focus on the core competencies of each partner and will harness the full potential of the Renault-Nissan Alliance electric vehicle leadership, as well as the resources of Dongfeng in the new energy industry, to meet the expectations of the Chinese market.

eGT will design a new EV with intelligent interconnectivity, that will be in line with the expectations of Chinese customers. It will be built on an A-segment SUV platform jointly developed by the Alliance. It will draw on the global leadership on EV technologies and cost-effective car design experience from the Alliance, and the competitive manufacturing costs from Dongfeng.

"The establishment of the new joint venture with Dongfeng confirms our common commitment to develop competitive electric vehicles for the Chinese market," said Carlos Ghosn, chairman and chief executive officer of the Renault-Nissan Alliance. "We are confident to meet the expectations of the Chinese customers and to strengthen our global electric vehicle leadership position."

"This project is the result of a joint effort to develop electric vehicles for the Chinese market, by the 'Golden Triangle' formed by Dongfeng, Renault and Nissan, with an innovative business model," said Zhu Yanfeng, Chairman of Dongfeng. "We expect to meet the transformation trend of the market in China; where cars are becoming light, electric, intelligent, interconnected and shared. This is also testimony of a deepened and strengthened strategic cooperation between the three parties."

Renault, Dongfeng and Nissan (China) Investment Co., Ltd. (Nissan) have signed an agreement to set up the new joint venture. Renault will hold 25 percent of eGT, Nissan will hold 25 percent and Dongfeng the remaining 50 percent.